Why have a charitable assignment scheme?
We introduced a Charitable Assignment Scheme on 1 February 2000 to avoid the possibility of disruption to business from speculators who open savings accounts in the hope of receiving windfall conversion benefits. We believe this benefits our genuine members and ensures that the high standard of service expected by them is not compromised.
Darlington Building Society is dedicated to remaining an independent building society run for the long term benefit of its existing and future members. We are a mutual organisation and do not have a separate group of equity shareholders. The Society's results over the years and the value for money products and services consistently delivered to our members show that mutuality works.
The Society is committed to providing a range of savings accounts and mortgages which respond to our members' financial needs, complemented by an efficient, friendly and personal service. This commitment is underpinned by the security offered by the Society's exceptional financial strength, built up over 160 years.
How does the scheme affect new customers?
New customers who open a savings account which confers membership rights of the Society will be required to sign a declaration agreeing to assign to the County Durham Foundation any windfall conversion benefits to which they might become entitled. This agreement will last for five years, after which the declaration will cease to have effect for the member in question.
How does the scheme affect existing members?
Existing members who held a membership share account on 31 January 2000 and who continue to do so are not affected. They may open new share account without being required to assign any windfall conversion benefits to the County Durham Foundation.
There are some other types of customers who are not affected by these arrangements and a list is available by contacting the Society's Head Office.
What is the County Durham Foundation?
The County Durham Foundation promotes charitable purposes in County Durham and Darlington. It receives donations and manages funds for individuals, institutions and trusts who want to support the local community. It administers the Darlington Building Society Endowment Fund, which is funded by, but managed independently of the Society.
How can I find out more?
The above information is only a summary of the charitable assignment arrangements. The complete terms are set out in our investment account application forms. Or you can find out more by contacting our head office at the address below:
Darlington Building Society,
Sentinel House, Morton Road,